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Nearly 1 in 2 prefer to stick with current job despite feeling underpaid, survey shows

While Malaysians may aspire for more income, they could also be limited by factors such as job security, time and commitments, iMoney says.

Staff Writers
2 minute read
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Pedestrians wearing face masks walk along Jalan Tuanku Abdul Rahman in Kuala Lumpur.
Pedestrians wearing face masks walk along Jalan Tuanku Abdul Rahman in Kuala Lumpur.

Nearly half of the Malaysians surveyed in a recent poll have no plans to leave their current jobs any time soon although close to one in six feels underpaid or unsure that they are being paid at market rate.

The iMoney Malaysia Income Satisfaction Survey 2022 showed that 46.3% of those polled did not plan to change jobs “in the near future” even though 57.7% consider themselves underpaid.

It also found that just 28.1% had a side job despite feeling underpaid, with 44.8% saying they do so in order to have a financial backup plan.

Some 22.2% said they work side jobs in order to make ends meet while 24.3% said they do this as a “passion project” or hobby. Another 8.7% said they were saving for something.

The survey involved the participation of over 1,000 Malaysians living mostly in Kuala Lumpur and Selangor.

Just under 60% – 59.8% – said they prefer working from home, with most citing the time and money saved from not having to commute to their workplace.

Up to a quarter said that a WFH arrangement offered a better work-life balance than working from the office.

However, 73% said they would not consider taking a pay cut in order to work from home.

“This could indicate several things, including Malaysians still prioritising salary over work-life balance and convenience, if compelled to choose between both,” iMoney said in a statement.

It also suggests that Malaysians believe they should be fairly compensated based on work delivered, regardless of mode of work, it added.

iMoney CEO See Wai Hun meanwhile said the lack of inclination to change jobs in the near future could imply that Malaysians value factors apart from monetary compensation.

“Secondly, the rising cost of living and financial commitments may be a contributor to people valuing job security over higher paying job opportunities, as new opportunities come with uncertainties and hence risks,” he said.

Others meanwhile might already feel that they have enough income to support their current lifestyle, in which case “feeling underpaid” would imply more of a desire for extra income than a need for it to survive, he added.

“It is reasonably evident that Malaysians have aspirations for more income but may be limited by factors like job security, time and commitments to pursue either better job opportunities or side gigs.”